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Small firms gain in economic recovery

Innovative benefits compete with higher salaries

Larger employers are losing out to their smaller counterparts as economic recovery progresses.

Two out of every three discharged managers and executives found new positions at smaller companies over the last three quarters, according to a survey conducted by outplacement firm Challenger, Gray and Christmas.

The company says many small businesses have introduced innovative benefits to compete with higher salaries offered by large employers.

Challenger, Gray & Christmas chief executive, John Challenger, said employer flexibility is a prime reason small businesses are able to steal a march on larger firms.

In the first quarter of this year, 62 per cent of jobless managers and executives found new positions at small firms, down slightly from 67 per cent in the previous quarter.

The figures are based on the Challenger Job Market Index, a quarterly survey of 3,000 discharged managers and executives by Challenger, Gray & Christmas.

"While it may be difficult to compete with large companies on salary and health benefits, small companies have made up for it by offering innovative personal and family-friendly perks to lure workers," said Challenger.